MIRA
INFORM REPORT
|
Report Date : |
28.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
PHOTONIX SOLAR PRIVATE LIMITED |
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Registered
Office : |
P.No.38/A, Sahakar Vrind Society, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
29.07.2009 |
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Com. Reg. No.: |
25-134397 |
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Capital
Investment / Paid-up Capital : |
Rs.6.586
millions |
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CIN No.: [Company Identification
No.] |
U29100PN2009PTC134397 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of PV Modules and Importer of Raw Materials.
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No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 167000 |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and yet to establish itself gradually. The company
has started its commercial business activities recently in May, 2010. Trade
relations are reported as fair. Business is active. Payments are unknown. The company can be considered for business dealings with some caution.
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Shashikant Zope |
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Designation : |
Finance and Purchase Head |
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Contact No.: |
91-9225121455 |
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Date : |
27.09.2011 |
LOCATIONS
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Registered/ Head Office : |
P.No.38/A, Sahakar Vrind Society, |
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Tel. No.: |
91-20-25382926/ 25382098/ 25466384 |
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Mobile No.: |
91-9225121455 (Mr. Shashikant Zope) |
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Fax No.: |
91-20-25382098 |
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E-Mail : |
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Website : |
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Area : |
2000 sq ft |
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Location : |
Owned |
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Factory : |
Plot
Number:B-219, Wai MIDC Industrial Estate, Wai, District: Satara – 412 803, |
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Area : |
5000 sq mt |
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Location : |
Owned |
DIRECTORS
As on 24.07.2010
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Name : |
Mr. Dileep Narayan Deshpande |
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Designation : |
Managing Director |
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Address : |
Flat No.10, Ameya Apartments, Chintamani Soceity, Karve Nagar, Pune – 411 052, |
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Date of Birth/Age : |
19.09.1955 |
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Date of Appointment : |
28.04.2010 |
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DIN No.: |
01987329 |
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Other Directorship :
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Name : |
Mr. Shishir Jayantilal Khandwala |
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Designation : |
Director |
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Address : |
B/403, |
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Date of Birth/Age : |
03.05.1953 |
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Date of Appointment : |
28.04.2010 |
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DIN No.: |
01987161 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Mr. Shashikant Zope |
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Designation : |
Finance and Purchase Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.07.2010
|
Names of Shareholders (‘A’ Class Equity Shares) |
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No. of Shares |
|
Dileep Narayan Deshpande |
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5000 |
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Shishir Jayantilal Khandwala |
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5000 |
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Prolific Enterprises Private Limited, |
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90000 |
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Total
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|
100000 |
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Names of Shareholders (‘B’ Class Equity Shares) |
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No. of Shares |
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Hemil Khandwala |
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63420 |
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Nitin Jayantilal Khandwala |
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64300 |
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Rene Dehombre |
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64681 |
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Carlos Almanza/ Elizabeth |
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64853 |
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Ajay Patel |
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64467 |
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Vatsal Patel |
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65160 |
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Rima Shah |
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65146 |
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Rajul Barfiwala |
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6667 |
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Bharat Natwarlal Goradia |
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30000 |
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Shaila Marfatia |
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9000 |
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Nitin Khandwala (JT) |
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60908 |
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Total |
|
558602 |
As on 10.08.2010
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Names of Allottees (‘B’ Class Equity Shares) |
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No. of Shares |
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Kirti Pradeep Jain |
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1 |
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Paras Kesaramal Bathia |
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1 |
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Total |
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2 |
As on 24.07.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
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13.67 |
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Directors
or relatives of directors |
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86.33 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of PV Modules and Importer of Raw Materials.
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Exports : |
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Products : |
v
PU Modules (20%) |
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Countries : |
v
v
v
v
v
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Imports : |
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Products : |
v
Raw Materials (80%) |
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Countries : |
v
v
v
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash, Credit and T/T |
GENERAL INFORMATION
|
Suppliers : |
v
Bharat
Glass Centre v
ECO
PROGETTI S.R.L. v
ENDEAS
OY v
Features
v
Gayattri
Aqua Solutions v
Matrix
Cellular (International) Services Private Limited v
Panoramic
v
Khambeshwar
Welding Works v
S.
Talekar and Associates v
Sudin
Electricals v
Kotibhaskar
Material Handling Equipments v
Channel
Freight Service India Private Limited |
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Customers : |
Wholesalers, Retailers, End Users and OEM’s |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Vijay P. Mayabhate Chartered Accountant |
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Address : |
418, Narayan Peth, Nandalal Co-Operative Housing Society Limited, Pune
– 411 030, |
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Tel. No.: |
91-20-24451043 (Office) 91-20-25446161 (Residence) |
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Income-tax
PAN of auditor or auditor's firm : |
ABNPM9487F |
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Associates/Subsidiaries : |
Photonix Solar Project (Private) Limited Line of Business: Project Development |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares (‘A’ Class Equity Shares) |
Rs.10/- each |
Rs.10.000 millions |
|
1000000 |
Equity Shares (‘B’ Class Equity Shares) |
Rs.10/- each |
Rs.10.000 millions |
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Total |
|
Rs.20.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares (‘A’ Class Equity Shares) |
Rs.10/- each |
Rs.1.000 millions |
|
558602 |
Equity Shares (‘B’ Class Equity Shares) |
Rs.10/- each |
Rs.5.586
millions |
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Total |
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Rs.6.586 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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6.586 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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35.259 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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41.845 |
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LOAN FUNDS |
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1] Secured Loans |
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23.790 |
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2] Unsecured Loans |
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|
0.735 |
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TOTAL BORROWING |
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24.525 |
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DEFERRED TAX LIABILITIES |
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|
0.000 |
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TOTAL |
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66.370 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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57.058 |
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Capital work-in-progress |
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|
0.000 |
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INVESTMENT |
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|
0.000 |
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DEFERREX TAX ASSETS |
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|
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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|
1.570 |
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Sundry Debtors |
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|
0.000 |
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Cash & Bank Balances |
|
|
3.527 |
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Other Current Assets |
|
|
0.951 |
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Loans & Advances |
|
|
8.804 |
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Total
Current Assets |
|
|
14.852 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Sundry Creditors |
|
|
8.683 |
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Other Current Liabilities & Provisions |
|
|
0.460 |
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Total
Current Liabilities |
|
|
9.143 |
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Net Current Assets |
|
|
5.709 |
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MISCELLANEOUS EXPENSES |
|
|
3.603 |
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TOTAL |
|
|
66.370 |
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Particulars |
|
|
31.03.2011 |
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Sales Turnover (Approximately) |
|
|
30.000 |
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|
The above information has been parted by Mr. Shashikant Zope (Finance
and Purchase Head).
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2010 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
0.80 |
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Current Ratio (Current Asset/Current Liability) |
|
|
|
1.62 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
|
Sundry Creditors |
|
|
For Capital Goods: |
|
|
Bharat Glass
Centre |
0.178 |
|
ECO PROGETTI
S.R.L. |
7.257 |
|
ENDEAS OY |
0.514 |
|
Features |
0.153 |
|
Gayattri Aqua
Solutions |
0.002 |
|
G. Satish |
0.093 |
|
Matrix Cellular
(International) Services Private Limited |
0.004 |
|
Pravin Kelkar |
0.025 |
|
Panoramic |
0.061 |
|
Khambeshwar
Welding Works |
0.008 |
|
S. Talekar and
Associates |
0.005 |
|
Sudin Electricals
|
0.202 |
|
Kotibhaskar
Material Handling Equipments |
0.015 |
|
Retention
Mahendra Pratap Upadhyay |
0.080 |
|
For Raw Material: |
|
|
Channel Freight
Service India Private Limited |
0.061 |
|
Other Payments: |
|
|
I.U. Thakur |
0.004 |
|
Vijay P.
Mayabhate |
0.021 |
|
Total |
8.683 |
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Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of
Establishment |
Yes |
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2) Locality of
the firm |
Yes |
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3) Constitutions
of the firm |
Yes |
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4) Premises
details |
Yes |
|
5) Type of
Business |
Yes |
|
6) Line of
Business |
Yes |
|
7) Promoter’s
background |
-- |
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8) No. of
employees |
Yes |
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9) Name of person
contacted |
Yes |
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10) Designation
of contact person |
Yes |
|
11) Turnover of
firm for last three years |
Yes |
|
12) Profitability
for last three years |
No |
|
13) Reasons for
variation <> 20% |
No |
|
14) Estimation for
coming financial year |
Yes |
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15) Capital in
the business |
Yes |
|
16) Details of
sister concerns |
Yes |
|
17) Major
suppliers |
Yes |
|
18) Major
customers |
No |
|
19) Payments
terms |
Yes |
|
20) Export /
Import details (if applicable) |
Yes |
|
21) Market
information |
-- |
|
22) Litigations
that the firm / promoter involved in |
-- |
|
23) Banking
Details |
Yes |
|
24) Banking
facility details |
Yes |
|
25) Conduct of
the banking account |
-- |
|
26) Buyer visit
details |
-- |
|
27) Financials, if
provided |
No |
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28) Incorporation
details, if applicable |
-- |
|
29) Last accounts
filed at ROC |
-- |
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30) Major
Shareholders, if available |
-- |
Note:
The registered office of the company has been shifted from Flat No.10, Ameya Apartment, Chintamani Society, K. Chintamani Society, Karvenagar, Pune – 411 052, Maharashtra to the present address w.e.f. 22.09.2009.
FINANCIAL RESULTS
The Income and
Expenditure Account for the year ending 31st March, 2010 shows Nil
as machineries were under installation and production yet to commence.
OPERATIONS
The Company was
incorporated on 29th July 2009. The Company installed its High class
PV module line of 10-MW per annum capacity at Wai, District Satara, in a record
time of 8 months – much ahead of the target time-frame. Trial runs have been
completed successfully and the Company expects to commence commercial
production of Solar Photovoltaic (PV) Panels/Modules in April 2010.
The Company has received
the globally valid product certification viz. IEC certificate from Euro Test
Laboratory in
Systems for
costing, inventory controls, pricing are being put in place
Certain major risk
factors have been identified and appropriate risk mitigation strategies are
being developed. For example, shortage of raw material has been identified as
one of the major risk factors and the strategy to follow the best re-order
level system, to project raw material requirement based on firm and anticipated
orders from customers and optimize utilization of raw material and other
resources is being implemented. Another major risk factor is competition and,
to mitigate this risk, strategic steps such as entering into captive contracts
with customers, exercise strict parameters for quality assurance, carry out
business process re-engineering, take measures to reduce costs and overheads,
manufacture best product first time every time are being implemented.
FUTURE OUTLOOK
Considering the
continual supply-demand gap, dependence on captive power generation is likely
to continue into the near future. In view of this huge gap, Company envisages
great potential for Solar PV Panels/Modules in both domestic and international
markets for generation of electricity power needed by domestic, commercial and
industrial sectors and the Company would concentrate on the huge potential for
Solar PV modules in India and across the world. The Sales, Marketing and
Manufacturing team has been adequately strengthened to give solidity to the
Company.
FORM 8:
|
Corporate
identity number of the company |
U29100PN2009PTC134397 |
|
Name of the
company |
PHOTONIX SOLAR PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
P.No.38/A, Sahakar Vrind Society, E-Mail: d.deshpande@photonixsolar.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10198955 |
|
Type of charge |
Immovable
Property Book Debts Movable Property Others
(Machinery) |
|
Particular of
charge holder |
State Bank of E-Mail: sbi045108@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
1) Supplemental
Agreement of Loan-Cum-Hypothecation 2) Memorandum for
recording Extension of Mortgage by Deposit of Title Deeds covering Enhanced
Limits and/or Creation of Equitable Mortgage on Additional Properties for
Existing Limits and Enhanced Limits and Additional Facilities (Both the
documents executed for a single modification) |
|
Date of
instrument Creating the charge |
01.02.2011 |
|
Amount secured by
the charge |
Rs.83.700
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Corporate Loan:
Interest @ 6.50% above Base Rate, Present Effective Rate 14.50% p.a., Present
Base Rate @ 8% p.a. or the rate as may be prescribed by Bank from time to
time. Terms of
Repayment: As per Agreement
with the Bank Margin: As per Agreement
with the Bank Extent and
Operation of the charge: Details of
Facilities - Cash Credit 22.500 millions, Term Loan 36.600 millions,
Corporate Loan 10.000 millions, Bank Guarantee 10.000 millions, Letter of
Credit (10.000) millions, Forward Contract 4.600 millions, Total Facilities
-Rs.83.700 millions. The Charge on
hypothecated and mortgaged assets continues till full repayment of Loan. Others: As per Agreement with
the Bank |
|
Short particulars
of the property charged |
First Charge on
all stocks viz. Raw Materials (Both Imported and Indigenous), Semi Finished
and Finished Goods, all Book Debts, Receivables, Outstanding Monies, Bills
and Claims, Contracts, Engagements Securities, Investments and Vehicles and
all Plant and Machinery (Both Present and to be purchased), all Consumables,
Stores and Spares, Tangible movable Property (Both present and future)
belonging to the Borrower lying and being at the place of Business and
elsewhere the same may be. Hypothecation of
Machinery purchased out of Bank Finance. Mortgage of
immovable property of Comapny-All that piece and parcel of Land Known as Plot
No.B-219 in the Wai Industrial Area, adm. 1950 Sq.Mtrs. and Factory Shed
Building admeasuring area 520.62 Sq. Mtrs. or thereabout and bounded by Red
Coloured Boundry Line on the Plan within the Village Limits or Shelarwadi and
outside the limits of Wai Municipal Corporation, Taluka Wai, District Satara. Mortgage of
Immovable Property of Shirish Khandwala and Meena Khandwala -All that piece
and parcel of Flat No.B-403, 4th Floor, adm.770 Sq. Ft. carpet
(i.e.924 Sq.ft. built up)in the Milton Apartments C.H.S situated at 35/A,
Juhu Azad Road, Koliwada, Santa Cruz (West), Mumbai-400049. |
|
Date of latest
modification prior to the present modification |
05.03.2010 |
|
Particulars of
the present modification |
The Facilities
enhanced upto Rs.83.700 millions. The Facility Structure stands as - Cash Credit
22.500 millions, Term Loan 36.600 millions, Corporate Loan 10.000 millions,
Bank Guarantee 10.000 millions, Letter of Credit (10.000) millions, Forward
Contract 4.600 millions. Additional assets hypothecated and Charge on
hypothecated assets as well as mortgage on immovable property of Company at
Plot No.B-219 in the Wai Industrial Area, adm. 1950 Sq. Mtrs. and |
FIXED ASSETS:
v
v
v Renovation to Rented Office
v Electrical Installations and Fittings
v Furniture and Fixtures
v Office Equipment Safety Box
v Plant and Machinery
v Electronic Equipment
v Computer
v Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.18 |
|
|
1 |
Rs.76.65 |
|
Euro |
1 |
Rs.66.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.